Individuals who ride public transportation instead of driving can save, on average, $826 this month and $9,914, annually, according to the American Public Transportation Association's (APTA) February Transit Savings Report.
These savings are based on the cost of commuting by public transportation compared to the cost of owning and driving a vehicle which includes the Feb. 21, 2012 average national gas price and the national unreserved monthly parking rate.
"Public transportation is one of the most effective tools in saving commuters money as gas prices skyrocket," said APTA President and CEO Michael Melaniphy. "With the volatility of gas prices, it is ironic that there is a proposal in the U.S. House of Representatives to remove dedicated funding for public transit. The proposal also makes no provisions for continued investment in public transit after 2016. We call on Congress to help ensure Americans have cost-effective ways to get to work and other important activities."
APTA releases its monthly Transit Savings Report to examine how an individual in a two-person household can save money by taking public transportation and live with one less car.
The national average for a monthly unreserved parking space in a downtown business district is $155.22, according to the 2011 Colliers International Parking Rate Study. Over the course of a year, parking costs for a vehicle can amount to an average of $1,863.